Financial Report 2025
The 2025 financial year closed with the third-best result in BCF’s history, with a net profit of CHF 154.0 million. The following commentary provides a detailed overview of the main elements of the income statement, balance sheet, and cash flows that contributed to this performance.
Financial Highlights at a glance
In 2025, total assets came to CHF 29.5 billion, up CHF 0.8 billion or 2.7%.
Balance sheet
Balance sheet
| 2025 | 2024 | Change as % | |
|---|---|---|---|
| Total assets | 29'482'297 | 28'700'190 | +2,7 |
| Advances to customers | 24'272'408 | 23'510'029 | +3,2 |
| Financial investments | 1'238'589 | 1'425'603 | -13,1 |
| Customer deposits | 17'453'937 | 16'983'336 | +2,8 |
| Equity (after repartition) | 2'731'333 | 2'627'821 | +3,9 |
In 2025, total assets came to CHF 29.5 billion, up CHF 0.8 billion or 2.7%.
This change relates to the sustained growth of advances to customers of CHF 0.8 billion or 3.2%. Mortgages loans alone passed CHF 20 billion at CHF 20.6 billion.
Customer deposits, in all forms, grew from CHF 0.5 billion to CHF 17.5 billion.
Cash and cash equivalents
According to Article 13 et ff. of the Ordinance to the Federal Act on the Swiss National Bank (OBN) of 18 March 2004, the average monthly liquidity requirement for the reference period from 20 December 2025 to 19 January 2026, amounts to CHF 507.8 million. In December 2025, the daily average for that period shows a balance of CHF 4,030.1 million, which is CHF 3,522.3 million above the required amount.
In terms of liquidity reserves, the short-term liquidity ratio (LCR) based on the Basel III agreement is 155%, well above the regulatory limit of 100%.
Balance sheet overview 2015 – 2025
Assets
Receivables from banks, consisting mainly of short- and medium-term deposits placed with investment-grade banks, amounted to CHF 0.1 billion.
At the end of 2025, as at the end of 2024, the balance sheet contains no receivables from securities financing transactions (reverse repo).
Advances to customers, less value adjustments for default risks, increased by CHF 0.8 billion to CHF 24.3 billion (+3.2%).
Mortgage loans rose by CHF 0.8 billion to CHF 20.6 billion (+3.9%). Other amounts due from customers amount to CHF 3.7 billion.
The valuation adjustments for default risks are deducted from the corresponding balance sheet items. They came to CHF 243.8 million at the end of 2025.
Assets breakdown in %
The significant increase in advances to customers demonstrates BCF’s strong support for the economy of the Canton of
Fribourg, particularly for SMEs and the real estate market, while practicing sound risk management.
Financial investments amounted to CHF 1.2 billion. They include securities acquired for investment purposes and as a cash reserve (over 99%), precious metals stocks and real estate held for resale.
Tangible fixed assets, consisting mainly of buildings used by the Bank, are recorded in the balance sheet at CHF 91.2 million, after depreciation.
Liabilities
On the liabilities side, total liabilities to banks remained stable at CHF 1.3 billion.
At the end of 2025, BCF had no receivables from securities financing transactions.
Customer deposits rose from CHF 0.5 billion to CHF 17.5 billion.
Cash bonds increased by 19.6% to 0.4 billion.
Total borrowings and loans from the central mortgage bond institution amounted to CHF 7.8 billion. In 2025, the Bank issued two new bonds of CHF 485.0 million and subscribed to the various issues of the Pfandbriefzentrale Schweizer Kantonalbanken for a total amount of CHF 203.0 million. During the same period, CHF 350.0 million of the Pfandbriefzentrale Schweizer Kantonalbanken were repaid and CHF 313.0 million of the bonds were repaid.
Provisions comprise amounts to hedge the Bank’s operational risks and value adjustments for default risks on off-balance-sheet liabilities. They total CHF 8.2 million compared with CHF 11.8 million at the end of 2024.
The reserves for general banking risks, considered as equity capital, were increased by an allocation of CHF 25 million. They amount to CHF 807.0 million.
Liaibilities breakdown in %
Income statement
BCF had a good financial year in 2025 with its third-best result ever. As a result, BCF is able to pay CHF 75.5 million to the Canton. Taking into account the taxes paid to the Canton, the municipalities and the parishes, CHF 84.2 million is being paid to the Canton’s public authorities.
These results also enable BCF to strengthen its equity base and allocate CHF 25.0 million to reserves for general banking risks and CHF 82.5 million to the retained earnings reserve.
This confirms BCF’s strong market position by offering a local service and decisive and sustainable support to the Canton economy, while at the same time achieving very good operational profitability.
Breakdown of operating revenues in %
Operating income
Operating income totalled CHF 333.8 million, down CHF 60.8 million (-15.4%).
Interest operations
Gross profit from interest operations, the Bank’s main source of income, was CHF 305.5 million, equating to a reduction of CHF 46.3 million. This is due to the liquidity reserves deposited with the Swiss National Bank (SNB) where interest fell from 1.75% to 0% in two years. After deducting value adjustments to cover the default risk, net interest income amounted to CHF 267.2 million.
The share of interest income represents 80% of the total operating income.
Commission and service operations
The result of commission, wealth management and service operations, progressed substantially from CHF 3.5 million to CHF 45.9 million (+8.3%).
Trading operations
Income from trading operations, which is mainly composed of income from foreign exchange and precious metals, progressed from CHF 0.4 million to CHF 12.2 million (+3.5%).
Other ordinary results
Other ordinary results show income of CHF 8.5 million, compared with CHF 4.1 million in the previous year.
Operating expenses
Operating expenses totalled CHF 140.2 million, an increase of CHF 8.6 million or 6.5%. In line with budget forecasts, this again reflects the stated desire to invest in the future. The Bank has accordingly built up its workforce significantly. It has also continued to modernise its headquarters and branch network by increasing its investment in innovation, digitalisation and process simplification.
The cost/income ratio after depreciation rose to 45.0% compared with 35.3% in the previous year.
Breakdown of operating expenses in %
Results
Value adjustements on participations, depreciation and amortisation of tangible fixed assets and intangible assets
Depreciation of tangible fixed assets and value adjustments on investments totalled CHF 10.2 million, compared with CHF 26.7 million in the previous year.
Changes in provisions and other value adjustments, losses
The positive change in provisions and other value adjustments and losses came to CHF 4.3 million compared with CHF 0.1 million in 2024.
Operating income
Operating income totalled CHF 187.8 million, a decrease of CHF 48.8 million or 20.6%.
Taxes
The municipalities received CHF 3.5 million, the parishes CHF 0.4 million and the Canton CHF 4.8 million.
Profit for the year
After an allocation of CHF 25.0 million to the reserves for general banking risks, profit amounted to CHF 154.0 million, down CHF 9.7 million (-5.9%).
Development of results 2015 – 2025
Breakdown of profit
At their meeting on 31 January 2026, the Board of Directors approved the presented financial statements. It recommends the following appropriation of profit and distributions:
Breakdown of profit
| Profit of the year | 154'011'895 |
|---|---|
| Retained earnings | 4'820'761 |
| Profit shown on the balance sheet | 158'832'656 |
| Breakdown of profit | |
| Compensation for the State guarantee | 30'000'000 |
| Remuneration of the endowment capital | 38'000'000 |
| Extraordinary payment to the State | 7'500'000 |
| Allocation to reserve fund | 82'500'000 |
| Retained earnings | 832'656 |
Evolution of the annual payment (including taxes) to the State 2015 – 2025
The Bank expresses its gratitude to its loyal clientèle for their trust. It is committed to continuously improving the quality of its services.
On behalf of the Board of Directors: A. Geissbühler, Chairman
On behalf of the Executive Board: D. Wenger, Chairman